here is the retailers. pretty mixed. after the bell, or retailers and retailer sales. dagen: thank you, sandra. yesterday was labor, today ceos. president obama meeting with them to talk about his plans. connell: 1.6 trillion is the number of the day. cheryl and dennis are coming up. they have a ceo who says the president is meeting with the wrong people. he says small business holds all the cards and he will make his case straight ahead. ♪ couldn't be easier. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office.

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he is now insisting on a $1.6 trillion tax increase, but we have a ceo who says the president is meeting with the wrong people. he says small business is really holding all the cards right now. dennis: general alarm. the general agreement testified to congress. we are alive at the pentagon with the latest. cheryl: retail sales falling as we head into the holy grail of profits. black friday and the christmas shopping season. we have two analysts with the stocks to buy the stocks to dump. dennis: nicole petallides, so the dow turned lower, nicole. nicole: at least it looks like they have been dumping them more than buying them lately, cheryl and dennis. down almost 60 points on the dow jones industrial. we recoup some losses we saw earlier today, but the bank index has been under pressure. the truth is if you talk about

the fiscal cliff, that is something that ways that investors minds. it is a great time to get in. play the market to a certain extent. at the same time there are those who are very worried. hole in the dow jones industrial at least helping it. cisco is a winner. that has been a stellar performer really bucking the trend today. cheryl: nicole, thank you very much. we will see you in 14 minutes. president obama fresh off of his electoral win hosting a dozen chief executives at the white house and a little over two hours from now. he will push for $1.6 trillion of new taxes on corporations and the wealthy in this country. rich edson was up-to-the-minute coverage. what a number the president gave us today. >> $1.6 trillion is the starting

point when you consider eliminating the current tax rates reverting back to the bush era or the clinton era tax rates for those earning more than $20,000 per year. capital gains and dividends and other provisions giving you 1.6. the starting point for the administration. john boehner about a year and a half ago stopped about 800 alien dollars worth of revenue through tax reform. republicans won't give a number now but they want tax reform and an overhau overhauled the entirm to generate new revenue. there was talk about this yesterday with treasury secretary commissioner who said to that idea pretty much forgot about it. >> there is a lot of magical thinking about how much money can raise from tax adventures. people will look at that question and concluded i think incorrectly that there is a huge amount of resources. i think that is untrue. >> a dozen of ceos meet with the president and a couple of

hours from now after the president's news conference at 1:30. a number of these executives have been to the white house before. members of the export council, jobs council, ceo of of ge, tao, ford, also say what the white house on the different councils in some form or another. cheryl: we will be taken the tae news conference from the president lives and the ceo will have something to chew on afterwards. thank you very much. dennis: might get a little awkward. said yesterday president may be meeting with the wrong business leaders. >> what i wish the president would do tomorrow instead of talking to ceos from big business is bringing small business leaders, people that take risks and have to go to the bank and borrow money and create jobs the way you do it in the market these days. dennis: joining us in the small business leaders who just

testified on oversight and government reform. president of marvin steele. the president agreed to $800 billion in tax increases, now a week after the election it has doubled 1.6 trillion. what is that in terms of the business for you and your small business policy? >> this is an issue of competition. everyday we are fighting economic adversaries overseas. if we are not competitive, we will not win. take my factory, for example, we would make 100% of everything in our inner city location of baltimore and export 36 countries. i compete with germany, complete with canada and mexico. if we are not competitive with germans or canadians, we will lose. that's neither will not be able to hire locals. if my taxes are higher than the canadian factory, we will not win the job.

right now i am paying the 40% range. my canadian adversary pays 15%, including health insurance. i give blue cross blue shield to all of my employees for my 40% plus health insurance, so we're at a massive disadvantage against the canadiens. messages advantage against the germans. president obama, if he raises the taxes and the burden on american entrepreneurs and job creators what will happen is we will not be able to be competitive. we will not be able to hire locals. dennis: the question is if any ceo will be impolite enough to tell the president today. what would you tell the president if he were in a meeting today with mark >> american factories for 20% plus differential compared to our rivals. we talk about taxes, but also regulations, tort, all of these issues or burdens.

that means 20% more expensive built in america than france or canada or mexico. so what happens is we are losing jobs. i export to 36 countries. my employees make a living because of our expprt markets. if we could lower that 20% burden down, i will win more jobs, hire more locals and that'lthatwill happen all over . making us more competitive. the $1.6 trillion is leveled on the job creators of america, what happens is we are less competitive so we cannot hire locals. dennis: you delay the purchase of $400,000 welder machine a cause of uncertainty but now that you have a certainty, let me give by the welder? >> we are on pause. we need to see how things settle

out. we very much want a very good resolution. the debt to be reduced over time, not they're they have $50,000 burden and they never work. $10,000 each against china, it is nottright. we have to fix the deficit and start cutting, and make this happen very fast so they will not invest and be more competitive. dennis: thank you for being with us. >> next guest says a short-term deal will not be enough for the market in a fiscal cliff battle on both sides have to make major concessions now, but will they? 1.6 trillion, a number double

what john boehner offered to him a year ago when the whole battle began, there is nothing for investors to like about this. >> he made raising taxes on the wealthy americans a big part of his campaign, it was debated and yet now come out guns blazing on this issue. one cannot be part of the compromise and we're looking for a grand compromise right now. cheryl: you have said to reposition of portfolios a big reason we are having a volatility in particular last week and you say this because of the risk to dividends, yet you say the dividend stock. >> no question. we talk about it with our clients, having seen this movie before with the debt ceiling debacle and kicking the can down the road. we also saw the market wasn't

given the monetary backdrop. stocks were still a good place to be. talking about a pullback because of the fiscal cliff. our conviction is being tested in the president comes out doubling his demands on the increase of revenues through taxes. but still a relative basis, where is the right place to put money? we are seeing the portfolio revaluation but you are not going to get yields in treasury bonds right now. the fact is it is still a large-cap taxpayers with the best place to find yield and to find positive returns. cheryl: first they have the dividend issue, the tax issue more than 40% and the fact a lot of her clients are most likely high income earners who will be attacked, $1.6 trillion wants to go over the wealthy, go after your clients.

>> again, i will say this, if there is no grand compromise, the monetary policy is not enough to hold this up, keep the market going. one of the names we have been considering it if we are wrong anand economize is not reached e think the tough market is under a lot of pressure. cheryl: what does that mean? what kind of a market we will have if they don't make a deal, what are you looking at? >> not be surprised anywhere from 20% pullback if we decided we cannot come to terms. more than the democrats because of what midterm election only two years away. they will be seen more than the democrats. that is one of the reasons we feel a deal will be reached. not well received by our clients, not well-received by a lot of folks. if you look at what president obama did with health care and

the conviction and jamming it through, with a hard time seeing the increase on the wealthy will not be on the agenda number one if he is reelected. cheryl: thank you very much, appreciate it. dennis: with a guest coming up who says the white house leaving him out on purpose. cheryl: and europe getting hit by the biggest protest yet. all of it over budget cuts. dennis: they just don't get it. and as we do every day at this time, a look at oil. i've been a superintendent for 30 some years at many different park service units across the united states.

the only timi've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter.

dennis: 15 past the hour. nicole, how is see zynga plane? nicole: both are doing well. the chief financial officer left zynga to go over to facebook. zynga doing well, down over 70% year to date. still $2.16.

how are the major market averages doing? we are not too far off of the lows for the day. we have been down, bank of america wayne. home depot another name going on the dow. caterpillar, alcoa, united technologies, people just not feeling confident yet to get in and say i will buy them. worried about europe and all kinds of things. cheryl: thank you very much, appreciate it. it is time to make money with charles payne. we have the tech stock, but it is not cisco. >> it is not cisco. although it is a little bit on cisco tales. you don't have to work on letting out all the dots. up in that part, some other little guys.

an open-source project they are involved in, also being involved in andre android 4.2. talk about apple but android is making amazing moves and sing a whole lot of market shares. it probably will trade twice the average daily volume. coming on this week with the market down, this is dangerous talking for brought calm, like the valuation. cheryl: apple is not the only game in town, that is for sure. dennis: some of the big banks left out, the ceo summit the president the new war brewing. cheryl: and wind power. how they want the federal government to blow new light into the alternative energy source. dennis: his other world currencies are faring against the u.s. dollar. [ malannouncer ] it'that time of year again.

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>> 21 minutes past the hour, hello, everybody. this is your fox news tha fox n. palestinian witnesses said israeli airstrikes have struck several targets in benghazi

city. following that attack that killed the chief of staff and top military commander. israeli assault cease-fire for the past 24 hours along the israel border. and taking a 54 congressional committee today. refusing to answer questions from the committee. the tainted steroid use is responsible for 32 deaths. president obama will be holding his first news conference since march and just about an hour from now. the president acted to address the looming fiscal cliff reportedly call for $1.6 trillion in new taxes over the coming decade. we will bring it to you live on the fox business network when it happens. does the headlines making news this hour. back to you. dennis: thank you, uma. president obama an hour or so late meeting with ceos. wall street ceos not on the list, not invited.

the capital market and regulation, joining us now. an industry bipartisan trade group. it looks like obama's relations with the things have improved. does he look ready to make peace? >> piece has to be made. sort of like the same situation of fiscal cliff. they have to get together and figure out the best way to go forward. dennis: keeping the regulations with an onslaught of dodd-frank regulations, the consumer financial protection board, thousands of small lenders, are these relations aimed at fixing or are they aimed at punishing? >> in large part they ar they'rg cases they're going overboard, so they're trying to do good but maybe doing harm. we want to strengthen capital in banks, some have more capital,

everybody agrees with that. but how do you do that, and on such onerous capital requirements that you're basically hurting lending. we are risking that. a lot of people are very concerned. a lot of critics from both sides on capital. people from the bank of england who had a role in devising them. people think we need a fresh look. the system did not work during the crisis. before we rush, step back. is there a better way to do this? dennis: it'll make the recovery better or worse? >> i think it is mixed. there are good things i think dodd-frank has done. i think it was good to strengthen capital, but you don't want to go overboard. but there are problems. the volcker rule to me is a cost

on the industry. dennis: even though the business had nothing to do with the meltdown. >> trying to sniff out the criteria trading. it is central to the economy and central to the market. they haven't figured out a way yet to stop what they don't like. dennis: do we already know 100% of the details of dodd-frank and what it will do? >> a large percentage. this list o is still a substantl amount, but even more these rules are subject to the lack of cost-benefit analysis. we have a long period of uncertainty ahead of us, unfortunately. dennis: on one hand they're told

to take down everything and then they're being yelled at for not lending. wilbanks continued to be bad guys in the obama administration? >> i hope not, dennis. we need wall street for a modest recovery, no way around that. dennis: we are beating up one of the engines are supposed to get us out of it. thank you for being with us. cheryl: it is time for your "west coast minute." governors in colorado and oregon want the wind power tax rates to be extended by congress. the tax breaks that too set to y the end of the year. opponents argued discussed in the federal government a billion dollars per year. and that is too much. los angeles city council agreed a half cent sales tax should be on the march ballot. voting for a new mayor. one of the highest tax rates in california, $0.9.5 for every dollar spent.

finally, in hawaii, little sunshine for state workers. the pension fund is in much better shape. assets in the employee portfolio system in 5% in the last quarter. a level not seen since the fall of 2007. but they still have the sunshine. dennis: shares of facebook flooding the market 800 million new shares, the stock topped 10% this morning. how could that be? cheryl: retail sales dropping, but we preview a black friday battle for the record books. dennis: a look at some of the winners and losers on the s&p. [ male announcer ] where do you turn for legal matters?

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tdd#: 1-800-345-2550 will help you get started today. >> i nicole petallides live on the floor of the new york stock exchange every 15 minutes on the fox business network stocks now keeping up-to-date on stocks on the move. coming under pressure, once again the chinese internet search company has been taking a beating recently while the competitors are moving to the upside. down 5.5% with a new low, two-year low basically. down 70 points from a majority of the components have been losers. retail sales numbers coming in, but some of the moment indicators coming in weaker as well. cheryl: thank you very much.

we will see you for two minutes from now. a big week for retails. several companies have reported what is left for the week. sales lower than expected, so join now undertake going into the holidays especially, wwe and partners. let's start with you. there seems to be a huge battle brewing when it comes to black friday that has become purple thursday night. wal-mart and target both wan gog to be opening up earlier. target employees are protesting, what you make of that? >> i never thought we would get to a 28 hour day on black friday, but we have. it won't change the fact it is a good day for selling. they tested it last year and they think it is going to work. i'm not a big fan of it because i think we jam a lot of business into black friday and suck it out of the next week.

we drive the expense ratio up and drive the gross margin down and get more sales. if somebody does it, everybody has to play or ought to give a market share. cheryl: that is the concern, that is what is going to happen. let's talk about target and wal-mart, the stock. look at wal-mart, 23% over the last year, target up 17%. now a lot of analysts said target is about to eat wal-mart's lunch and wal-mmrt has to be careful. what do you say? >> i'm recommending target and not recommending wal-mart. going into the earnings tomorrow, doing earning numbers at about 2% from last year. i think targets positioned to do better going into the fourth quarter. target has a baseline 3% progr

program, 5% rewards program, you could see targets tops accelerated the 4% to 5% range moving forward and i think wal-mart will be in the 2% area. cheryl: at the same time wal-mart it seems to be getting a bit of a boost from sandy that will help of the bottom line. what do you say? >> i believe they're back to where they were in the old days. close to 3% top. i think that is a temporary gain giving up the gross margin for them and it will result in sales not being as strong going forward as it plays out, so i am more thrilled with wal-mart. i do think wal-mart is a big beneficiary whenever we have a restocking going on. cheryl: wants to switch gears to jcpenney.

the new ceo has been lowering the expense of the shareholder, still negative on jcpenney right now? >> you pick that out of two pages? i was very negative because i did not see how they're ever going to get this done fast enough to justify the stock price. now could it be 15? yes. but it is very interesting. i love the new shops. we would rather buy it down 45 and before it went down 45. cheryl: the competition you are seeing seems to be cold. they cannot get the product mix in the next few months, what you say? >> kohl's is not too much of a

sales pick up yet. had messy much of much of the benefits yet, bu they do share similar customer profile, they have kind of a similar mix of merchandise, price points are not too different. adobe does not been able to pick up, but probably will not happen until the fourth quarter and into next year. they're very aggressive holiday marketing strategy, a real intense giftgiving campaign, more aggressive pricing and advertising and whatnot. you will see pick up the fourth quarter and next year, but so far they have not seen much. cheryl: sandy's impact in november, are you worried about it? yes or no? >> if it helps my dollar stores because they benefit from the stocking up and replenishing afterwards, tells wal-mart a little bit. i'm not overly concerned. if it happened next week for examples woulexample it would ha disaster. cheryl: are you worried about

sandy on november? >> they will get part of it back by the end of the month with 150 will be the net effect. they give up 250. cheryl: gentlemen, thank you to both of you. dennis: a video game company and seeing up to give online gaming. small business, big idea. i had. cheryl: and in protest of austerity cuts, global market reaction to all of it coming up. dennis: and a look at the 10-year treasuries.

>> tracy byrnes with your fox business brief. market selling continues in after-hours trading. it dow down 85 points. this iprices on expectedly felln october following the three-week gains. leading by declines in energy and auto. fact of the volatility of food and energy costs, core producing prices dropped a tenth of a percent. and christie's auctioned off the joseph diamond last night for 21.1 early in dollars.

a world record auction for colorless diamond. one of two out of this world diamonds being auctioned off. they call it exceptionally rare deep blue diamond expected to get about $4.5 million. that is the latest from the fox business network giving you the power tose prosper. based on this chart ? don't rush into it, m not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined. ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money.

[ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. cheryl: want to show you how the global market with the european nations. the lack of agreement with how to structure the debt of the greek and one of the greeks that have to be kicked out of the euro zone a lot of contention over there. germany bearing the brunt of the problems for the greeks right now. they lost ground, but also want to show you what happened over in paris. the president of france kicking in the huge tax increases causing lots of problems in europe right now.

finally over to london as you can see losing ground more than 1% loss in the london market. speaking of london, millions take to the street. the biggest protest yet, against the cutbacks of government-funded salaries and pension benefits. in london with the latest developments on all of this. >> so far london is quiet, although there are some that have been scheduled to happen in the latter part of the day. basically they're simply saying enough is enough. they feel the budget cuts are doing nothing from stymied growth. one processor so you have to leave something for the grandchildren but at this point there really is nothing. despite all the cuts, the economy will shrink 1.5% this year, predicted the airline just cut 4500 jobs in one of the

major papers laying off a quarter of its staff. the government has stepped in to stop the evictions of people who can't pay mortgages after two people kill themselves when they learned they would be forced out of their homes. in italy where there were demonstrations up and down the country, some got very violent. students protesting cuts to education. they would like yesterday measures east across the board especially as there is evidence the cuts have not done much to pay down debt. of course a lot of the savings going in to pay the interest rates on borrowing. growth is still low if existent at all, estimates have been down graded. they took the biggest dive in a long time in september following 2% overall. of course there's not muchh3 chance the government will back down in the face of these protest. in some cases with the european union is demanding.

portugal backtracked on pay cuts at one point but made up on that by rising taxes. the university budget has been cut 50% in the last few years. they have to cut another 10, that is threatening the very existence of the institution. some salaries have fallen by 40%. greece passed a whole new raft of employment measures. this all impacts the u.s. economy because the u.s. is exporting less to these countries now that demand is falling as people are simply not spending. cheryl. cheryl: amy kellogg live for us out of london. thank you very much. dennis: here is an economic lesson defying the laws of supply and demand. facebook shares top 10% this morning, now up 9% despite the market being flooded with more than 800 new insider shares. usually huge supply will lead to a drop in price.

as we send this chart, all facebook did solvent, turns out to look at this chart, the price has fallen the last 12 rading days. it is baked in, baby. and as we do every 15 minutes, stocks now. cheryl: the dow down 82 points right now? dennis: it gives me pain, cannot believe it. cheryl: i think nicole will help you feel a bit better. nicole: listen, there is the good news and bad news. we're still going, still up here to date, we have down arrows for the major averages, the dow and s&p down nearly 3% each and tech heavy nasdaq composite down 3% this month. take a look at advanced micro. went to the post, looking at advanced micro devices.

exploring options. could it mean the whole sale of the company, they are struggling to find a role, they have stiff competition in the industry but today giving back a lot of those games. let's take a quick look at the dow jones industrial down 10 points off of our lows of the day. 12,673. cheryl and dennis, talked about 13,000, some 14,000, so now some are just hoping for a santa claus rally. dennis: thank you, nicole. reno, nevada, is betting big on expanding into online gambling. joining us now for small business, big ideas, ceo of 3g studios. moving right into the time where

we are reading all of these headlines, poker shut down by the fed, returning hundreds of millions of dollars. is this legal yet? >> it is legal as of now in nevada. we expect at least a dozen states to approve it next year if the fed don't get in our way. dennis: that is a very big if, isn't it? the entire council videogame business, that is where you started, you actually did "rockstar" for the playstation three. gambling is uniquely suited to go to the small screen, isn't it? >> it really is. look at the category and the new generation coming up although they access all of their information in all the applications on mobile devices. we see very few of them wanting to physically go to casinos or logon to the pc.

dennis: are some videogame companies that might be well-suited to move into gambling once the entire thing clears up? zynga and farm bill. couldn't they still pay money to gamble? >> we absolutely believe it is the next form of monetization for video games. everybody paying $60 for a video game and then free to play. the problem is anybody can do that. we move into gambling, only companies that can afford the cost of entry will get in. dennis: you have the nevada gaming commission to become the first approved online gambling company, what is the answer? >> it could take three to 12 months to get through, very expensive process.

the fact way the state of nevada gives us a bit of a leg up. we are partnered with the casinos. we can launch as seen at the license is approved. dennis: as you say, if the the government will let you. cheryl: there has been a lot of breaking news this morning surrounding the general petraeus sex scandal. we will be live without the minute coverage. as we go to break, some of the winners that we are watching over on the nasdaq, the markets are down. starting the day up, now down to the negatives continuing to way. cisco a big winner on the nasdaq. i always wait until the last minute.

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cheryl: now to the latest on general david benghazi. the former cia director involved in a scandal will testify about the attacks at benghazi, libya. good morning, jennifer. >> very busy. on capitol hill senator john mccain, lindsey graham and others are calling for a select committee of watergate style select committee bipartisan but we'll get to the bottom of mostly the benghazi case but also look at the situation with petraeus and his testimony on benghazi in particular. they feel it is not good enough to have separate hearings on the intel side as well as the military armed services side and want to come together to get to the bottom of the benghazi

affair. as mentioned, david petraeus offered today to testify. dianne feinstein confirmed will testify before the senate intel committee later this week. they are still negotiating if it will be off-site and what the ground rules will be. we understand he will not reveal the affair with his biographer, will strictly be about his role in benghazi and what he found on that mission when he went to libya just two weeks ago. that is what is going on at capitol hill. investigation into the petraeus affair with the fbi continues. the dod, inspecto inspector genl investigation into john allen who is now understood had communications that may have been inappropriate. so these two investigations are moving forward. the consequence the top of canister in afghanistan will not

be mounted for the rule of supreme commander in europe. for petraeus the question is still whether if he had access to class than making her computers and what and house received that information. cheryl: jennifer griffin out in washington, a lot of breaking news this morning, thank you very much. >> thank you. cheryl: we're getting very close to the president's news conference. today the issue of general petraeus will come up? dennis: there is no choice but to bring it. one thing the scandal has done all along it seems republicans are the only people complaining about what is this benghazi thing, what you said was a video? petraeus it has democrats like dianne feinstein calling for investigation. cheryl: is amazing how they get so angry when they are not included. dennis: the fiscal cliff, libya, the president will be attacking all these top issues.

and the first news conference since reelection. cheryl: we're about 30 minutes away from the president's news conference. reporters have a lot of questions. melissa and lori have a lot of answers, donnt go anywhere. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back,

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>> 12,679. why is it down? the $1.6 trillion surprise. now he says 1.6 trillion. >> all this and there is no bipartisanship in washington. lori: at the same time in about 30 minutes the president will have a full news conference. i think the fiscal cliff will come up as well as the issue of general petraeus.